Good Week for DeFi Projects in Terms of Fees Paid

DeFi projects are seeing a surge in the amount of fees paid and token prices. For starters, the decentralized exchange Uniswap has outperformed its host blockchain Ethereum.

According to data from Crypto Fees, between June 15 and June 21, average daily amount of fees paid on Uniswap was $4.87 million, while the daily average on Ethereum in the same period amounted to $4.58 million. On the peak day, June 15, Uniswap accumulated $8.36 million, while Ethereum followed with $7.99 million.

Uniswap’s most advanced protocol V3, which is based on the Ethereum mainnet, brought $4.4 million. Its V2 protocol brought $336,556.

Uniswap beating Ethereum is especially notable as Ethereum is the blockchain home to most DeFi projects. Moreover, the Ethereum blockchain is known for its expensive fee structure.

Recently, DeFi lending protocol AAVE and synthetic derivatives trading platform Synthetix also experienced notable surges. According to Crypto Fees, they are now ranked third and fifth in terms of average fees paid over the past week. They’ve accumulated $981,883 and $600,214, respectively.

On June 15, AAVE’s total in terms of fees increased by 69%, amounting to $1.44 million. Sythentix experienced a massive increase in paid fees. Between June 11 and June 19, the amount rose to about $1 million, which is more than a 1000% increase.